Fonterra and Abbott to develop Chinese dairy farm hub
Fonterra has signed an agreement with Abbott to develop a dairy farm hub in China. The hub would be Fonterra’s third in the country.
The two companies plan to form a joint venture, investing US$300 million into the hub, which will contain up to five dairy farms and more than 16,000 dairy milking cattle. It is predicted to produce up to 160 million litres of milk annually.
The first farm is expected to be completed and producing milk in the first half of 2017. The remaining farms will commence production in 2018.
“This would be Fonterra’s third farm hub in China and will complement our existing farming operations in Shanxi and Hebei Provinces that have been very successful,” said Fonterra Chief Executive Theo Spierings.
“Farming hubs are a key part of our strategy to be a more integrated dairy business in Greater China, contribute to the growth and development of the local Chinese dairy industry and help meet local consumers’ needs for safe, nutritious dairy products.”
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